``Russia’s financial markets remain under pressure today following the news. Performance has been negative in FX, fixed income and equity markets, and among derivatives. The Russian rouble (RUB) at one point weakened more than 1.3% against its dual currency basket (45% EUR and 55% USD) to trade around 30.10. The Russian central bank (CBR) has since stepped in to support the currency. The RUB basket currently ranges between 29.70-29.90, a few percentage points weaker than last week.

``Meanwhile, Russian share indexes have hit their lowest levels for almost two years. Russia's benchmark RTS stock index fell more than 4% this morning, to its lowest level since November 2006, although it has rebounded somewhat in the last couple of hours. Overall, Russian equities are down more than 30% from their peak in mid-May.

``Going forward, the Russian markets will remain under pressure for as long as there is no move towards a resolution of the conflict. In addition, further falls in oil prices could add to the downward pressure on Russian assets. Caution is thus clearly warranted in the Russian financial markets.”

``Mr. Saakashivili, the Georgian president, said Russia’s oil riches and desire to assert economic leverage over Europe and the West had emboldened Kremlin country to attack.Georgia is a transit country for oil and natural gas exports from the former Soviet Union that threatens Russia’s near monopoly.

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About Me

About Me 2.0

Trade the Philippine stock market.

For inquiries, my email address: benson.te@gmail.com

I am a licensed agent, trader and (part-time/free lance) analyst for MDR Securities

Advisory:

Since I am anticipating the worst, I am exploring other work options. I hope you can help. I am open to (non-property and non-equity market) copy writing projects or to other (freelance or even formal) work. If you have any suggestions or proposals, pls email me at the above address. No spam please

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It's supposed to be a bull market, but then why the barrage of warnings? This time the ADB sounds the alarm bells. From the ADB...

Favorite Quotes

Favorite quotes:

Everything that happens in the social world in our time is the result of ideas. Good things and bad things. What is needed is to fight bad ideas. We must fight all that we dislike in public life. We must substitute better ideas for wrong ideas. We must refute the doctrines that promote union violence. We must oppose the confiscation of property, the control of prices, inflation, and all those evils from which we suffer.-Ludwig von Mises

Society lives and acts only in individuals; it is nothing more than a certain attitude on their part. Everyone carries a part of society on his shoulders; no one is relieved of his share of responsibility by others. And no one can find a safe way out for himself if society is sweeping towards destruction. Therefore everyone, in his own interests, must thrust himself vigorously into the intellectual battle. None can stand aside with unconcern; the interests of everyone hang on the result. Whether he chooses or not, every man is drawn into the great historical struggle, the decisive battle into which our epoch has plunged us. -Ludwig von Mises

It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a "dismal science." But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.-Murray N. Rothbard

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design -Friedrich von Hayek

When goods don't cross borders, armies will-Frederic Bastiat

If you give a man a fish, you feed him for a day. If you teach a man how to fish, you feed him for a lifetime.-Confucius

First they ignore you, then they laugh at you, then they fight you, then you win- Mahatma Gandhi (misattributed) original-Nicholas Klein

Facts do not cease to exist because they are ignored--Aldous Huxley

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Psalm 23:

-The Lord is my shepherd; I shall not want.

-He maketh me to lie down in green pastures: he leadeth me beside the still waters.

-He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake.

-Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.

-Thou preparest a table before me in the presence of mine enemies: thou anointest my head with oil; my cup runneth over.

-Surely goodness and mercy shall follow me all the days of my life: and I will dwell in the house of the Lord for ever.